As of July 17, 2026, our Ethereum strategy portfolio was valued at $3,249, up 1.38% week over week. Despite the weekly recovery, the portfolio remains down -39.66% year to date and -72.27% below the all-time high reached in September 2025.
Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately -38.22% year to date.
Ethereum Covered Call Position
On July 14, just a few days before expiry, we decided to roll our 1.3 ETH covered call position forward. For a brief moment, ETH traded above $1,900, which was encouraging. However, it dipped back below our strike price during Friday morning’s session.
We bought back the $1,875 call for $33.20 and sold the July 24 $1,875 call for $56.70. Based on the quoted option prices, the roll generated a net credit of approximately $29.23 after fees.
According to our portfolio calculations, this increased the total potential profit from the position to $551.85 over 49 days. If ETH trades above $1,875 and the position is called away at expiry, the trade would generate a potential return of approximately 26.39% over that period.
This return includes both the options premiums collected and the potential capital gain on the underlying ETH position. It is therefore a return on the complete covered call trade rather than options income alone.
If the position is closed at $1,875, we plan to allocate half of the realized gains to TerraM token treasury operations.
TerraM token
Unlike the previous week, there was very limited activity involving the TerraM token this week, with the token price ending at approximately $0.52.
With liquidity in the Raydium pool remaining well above 10%, we expect to increase the TerraM token price significantly after closing the ETH covered call position. This could happen next week or may take longer, depending on market conditions.
Our objective is to close the ETH covered call when weekly rolling is no longer economically attractive, as was nearly the case this week, before transitioning back to cash-secured puts.
Solana Covered Call Fund
The Solana strategy decreased by 8.89% week over week. NAV per unit decreased tot $0.30.
By the end of the week, our long spot position stood at 85.16 SOL, with an average purchase price of $151.81 and a break-even price of approximately $132.70. With Solana trading near $74 at the time of writing, the position remains significantly underwater.
During the week, we did not collect any options premium because liquidity remained insufficient and market prices were significantly below our break-even levels.
The Solana strategy is down -59.68% year to date, compared with a decline of approximately 40.11% for SOL itself. The underperformance reflects not only the decline in SOL but also losses associated with the TerraM allocation.
Bottom Line
The Ethereum strategy delivered a modest weekly recovery, but the portfolio remains deeply below both its year-start value and September 2025 peak. The covered call position continues to be the strongest part of the portfolio, with a potential total return of 26.39% over 49 days if ETH is called away at $1,875.
The Solana strategy remains considerably weaker. With SOL trading far below both the average purchase price and adjusted break-even level, and with insufficient options liquidity to generate meaningful premium income, there are currently few practical ways to improve the position without accepting additional risk.
Overall, the priority remains disciplined trade management rather than forcing income. The ETH position may soon provide an opportunity to realize gains and strengthen the TerraM treasury, while the Solana position will likely require more time, improved liquidity, and a substantial recovery in SOL prices.